Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/AUD broke resistance zone

EUR/AUD broke resistance zone

Next buy target - 1.5120

EUR/AUD continues to rise sharply- following the earlier breakout of the resistance zone lying between the resistance level 1.4900 (which reversed earlier waves (ii) and a, as can be seen below) and the 23.6% Fibonacci retracement of the previous extended downward price move from February. The breakout of this resistance zone accelerated the active minor correction (ii) – which belongs to the intermediate C-wave from May.

EUR/AUD is expected to rise further toward the next buy target at the resistance level 1.5120 (coinciding with the 38.2% Fibonacci correction level of the aforementioned downward price move from February).